VBI Vaccines Inc. (NASDAQ:VBIV) (TSX:VBV) ("VBI"), today announced the closing of an equity private placement financing led by OPKO Health (NYSE:OPK) and Perceptive Advisors, with participation by ARCH Venture Partners. In accordance with Toronto Stock Exchange ("TSX") regulations, aggregate participation by certain current investors was limited to 10% of the issued and outstanding common shares in any given six-month period. As a result, these current investors in VBI participated to their maximum possible allocation.

Under the terms of the financing, VBI sold an aggregate of 3,269,688 of its common shares at a price of approximately $4.16 per share for total gross proceeds of approximately $13.6 million.

"Following the completion of the merger between SciVac Therapeutics and VBI Vaccines earlier this quarter, which has transformed our portfolio to include a marketed vaccine plus an expanding pipeline of candidates, this capital raise will give us the necessary runway to deliver our anticipated near-term clinical development milestones," said Jeff Baxter, VBI's President and CEO. VBI intends to use the proceeds of the private placement for working capital and general corporate purposes, including the continued development of its growing vaccine pipeline.

The securities sold in the private placement have not been registered under the Securities Act of 1933, as amended, and may not be resold absent registration under or exemption from such Act.

This press release does not constitute an offer to sell, or the solicitation of an offer to buy, nor shall there be any sales of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.